First-Time Homebuyer Counseling Tools

First-Time Homebuyer Counseling Tools

EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them...

GET PREAPPROVED FOR A MORTGAGE

Show sellers that you're serious with a pre-approval letter from Northeastern Realty.

EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS

When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them better understand the financial responsibilities of owning a home. The courses below provide a number of options for you to share with your borrowers, and they all follow guidelines from the National Industry Standards for Homeownership Education and Counseling.

CREDITSMART HOMEBUYER U

 

NO COST


Homebuyer U is a free, interactive course made up of six modules that borrowers can complete at their own pace from a desktop, tablet or mobile.

HOMEVIEW

NO COST


HomeView is a free online course accessible from a desktop, tablet or mobile and is made up of seven modules. It takes about 3-4 hours to complete, and borrowers can pause and resume at any time.

NMLS #2179146

NMLS #2179146

PATHWAYS TO HOMEOWNERSHIP

NO COST


Through Pathways to Homeownership, borrowers receive counseling and education on the benefits and challenges of owning a home to prepare to handle the expenses and responsibilities that will arise — and know where to turn for help.

FINALLY HOME!

$0-$70


Finally Home! is a self-paced, mobile friendly, online homebuyer education course made up of seven chapters that guides your borrowers through the homebuying process from start to finish. Pricing is based on the borrower’s income and determined during course registration.

What documents should I be ready to provide for a pre-approval?

1. Identification

Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.

2. Proof of Income

Employees – most recent pay stubs

Self-employed – profit and loss statement

Passive income – most recent financial asset statements

3. Financial Asset Statements – At least two months of your most recent statements, including:

Bank checking and savings

Brokerage

Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities

Trust

4. Tax Returns

Employees – W-2 forms and tax returns for the last two years.

Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.

Passive Income – Tax returns for the last two years.

Gift Letter

First-Time Homebuyer Counseling Tools

EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them...

GET PREAPPROVED FOR A MORTGAGE

Show sellers that you're serious with a pre-approval letter from Northeastern Realty.

Freddie Mac

A gift letter signed by the donor is required. Information provided in the gift letter must:

State the donor’s name and that the funds are given by a Related Person

Include the donor’s mailing address and phone number

State the maximum or actual amount of the gift funds or gift of equity

Establish that the funds are a gift that does not have to be repaid (Section 5501.3(c))

Fannie Mae

The gift letter, signed by the donor, must:

Specify the dollar amount of the gift

Specify the date the funds were transferred;

Include the donor’s statement that no repayment is expected; AND

Indicate the donor’s name, address, telephone number and relationship to the borrower. The subject address does not need to be identified in the gift letter. (Section B3-4.3-04).

NMLS #2179146

NMLS #2179146

FHA (non-streamline)

A gift letter signed and dated by the donor and borrower that includes the following:

The donor’s name, address, and telephone number;

The donor’s relationship to the Borrower;

The dollar amount of the gift; AND

A statement that no repayment is required

VA (non-IRRRL)

A gift letter must:

Specify the dollar amount of the gift;

Include the donor’s statement that no repayment is expected; AND

Indicate the donor’s name, address, telephone number, and relationship to the borrower.

What documents should I be ready to provide for a pre-approval?

1. Identification

Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.

2. Proof of Income

Employees – most recent pay stubs

Self-employed – profit and loss statement

Passive income – most recent financial asset statements

3. Financial Asset Statements – At least two months of your most recent statements, including:

Bank checking and savings

Brokerage

Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities

Trust

4. Tax Returns

Employees – W-2 forms and tax returns for the last two years.

Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.

Passive Income – Tax returns for the last two years.

NETWORK OF MORTGAGE LENDER

Business Assets

BUSINESS ASSET DOCUMENTATION REQUIREMENTS Asset StatementsFannie Mae: Two months of business asset statementsFreddie Mac: Three months of business asset statements when using business assets to analyze the health of the business. Otherwise, one month business asset...

Business Tax Returns

Business returns are always required for self-employed borrowers for businesses from which income is being used to qualify. If 1040s show a business loss, the underwriter will include the loss but does not need to condition for business returns.Business tax returns...

Alimony – Child Support – Separate Maintenance Payments History

No less than 6 months of the borrower’s most recent regular receipt of payment is required to document alimony/child support/separate maintenance as income.No less than 6 months of the borrower’s most recent regular receipt of full payment is required to document...

First-Time Homebuyer Counseling Tools

EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them...

You’re home

Purchasing a home doesn’t have to be complicated. I can help turn your dreams of a new home into a reality. Contact me today to learn about my fast and easy process.

Not Your Mama’s Mortgage!

This isn't your mama's mortgage! Your path to homeownership doesn't come with mountains of paperwork. Experience our digital application process for yourself by getting started today!

Get On To The Fun Stuff

Spend less time waiting for your loan to go through and more time decorating your new digs. From our online application to gathering your pay stubs and bank statements for you, we make getting a mortgage fast and easy. Let's go!

News To Make You Smile

Getting the money for a down payment doesn’t have to be like pulling teeth. You could be moving into your dream home with as little as 3% down. Call today to learn more.

HERE’S AN EASY WAY TO SAVE WATER AND MONEY

You’ve probably heard that shutting off your faucet while you brush your teeth can save water, but did you know that some faucets are more efficient than others or that you can install a low-flow faucet aerator to save even more? Lower your monthly bills and water...

BUYING A SPACIOUS NEW HOME

Need more closet space for your constantly growing shoe collection? We can help get you out of your tiny rental and into a spacious new home!

MEET OUR MORTGAGE LENDERS

HARD VS. SOFT CREDIT INQUIRIES

Lenders view your credit history in one of two ways—a hard inquiry or a soft inquiry (also known as a hard pull or soft pull).

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